Bank of America loan mod -SUCCESS!!

[CozyD]

Hello AMA125, I wanted to know if you all have worked out anything with David Kozik? Have they sent you any updates since we last spoke?

[ama125]

Originally Posted by CozyD

Hello AMA125, I wanted to know if you all have worked out anything with David Kozik? Have they sent you any updates since we last spoke?

Hi CozyD! The last time I was in touch with him he told me I was "pre-approved" for HAMP and to await a FedEx packet (that was about 2 weeks ago and I am waiting patiently but anxiously!). I have no idea what I am waiting to receive, what the trial payments will be or when the trial might start. I had a whole list of questions to ask him on what he was submitting thinking it would be an in-house mod so when he mentioned HAMP, it threw me for a loop! I kind of went blank and forgot to ask for details! I just got my property assessment appeal notice and it came in lower than what I told him I thought it would be (so this lowers my property taxes even more than what I estimated and sent to him). I haven't gotten any read receipts for my last two emails and I called and left him a voice mail yesterday. I just hate this waiting and not knowing what I am supposed to get! How are you doing? Any new developments? I hope things are moving along in the right direction!

[imlars]

If you get a FedEx package it should be the trial period agreement. Your payments should be 31% of your gross monthly income. If you make the payments on time and in full you should qualify for the long term modification. Your perm mod payments should stay right around what your trial payments are and they will include taxes and insurance. Go to makinghomeaffordable.com, they have a mortgage calculator there.

[nativelasvegan]

From what I have been reading here and other research, the average trial payment amount is 31% of the borrowers GROSS income, which is higher than the permanent trial payment.
The permanent trial payment seems to be 31% of the borrowers NET income.

[CozyD]

Originally Posted by ama125

Hi CozyD! The last time I was in touch with him he told me I was "pre-approved" for HAMP and to await a FedEx packet (that was about 2 weeks ago and I am waiting patiently but anxiously!). I have no idea what I am waiting to receive, what the trial payments will be or when the trial might start. I had a whole list of questions to ask him on what he was submitting thinking it would be an in-house mod so when he mentioned HAMP, it threw me for a loop! I kind of went blank and forgot to ask for details! I just got my property assessment appeal notice and it came in lower than what I told him I thought it would be (so this lowers my property taxes even more than what I estimated and sent to him). I haven't gotten any read receipts for my last two emails and I called and left him a voice mail yesterday. I just hate this waiting and not knowing what I am supposed to get! How are you doing? Any new developments? I hope things are moving along in the right direction!

Greetings!
Hello, we did call and of course he didn't return the phone call, for over a week. So, I look up his email and emailed him. I did it ounce on Monday and he didnt respond, then I did it 3x and sent it to him back to back. Later that day he responded. I sent it to him about 6am that morning. The investors of the loan are capital one. These leaves a bad taste in my mouth. But, its ok for right now and @ this moment. They did approve the modification on the loan for a year. Which is great it gives me time to fix everything else., that we have. It is 31% of his income. Bank of America had a mobile notary come to the house so he could sign the paperwork. Its only for a year, but it was thru this site and everyone else knowledge that help me thru this long process. The payments dont start untill Dec 1, 2009. Which is great, it give me time to catch up the second mtg.

THANKS AGAIN TO EVERYONE! I hope that I could help someone with my story, because everyone story help me.

THANKS AMA125, for your help and encouragement!

[MyHAMP]

Originally Posted by nativelasvegan

From what I have been reading here and other research, the average trial payment amount is 31% of the borrowers GROSS income, which is higher than the permanent trial payment.
The permanent trial payment seems to be 31% of the borrowers NET income.

Hmm, what's a "permanent trial payment?

[ama125]

Originally Posted by CozyD

Greetings!
Hello, we did call and of course he didn't return the phone call, for over a week. So, I look up his email and emailed him. I did it ounce on Monday and he didnt respond, then I did it 3x and sent it to him back to back. Later that day he responded. I sent it to him about 6am that morning. The investors of the loan are capital one. These leaves a bad taste in my mouth. But, its ok for right now and @ this moment. They did approve the modification on the loan for a year. Which is great it gives me time to fix everything else., that we have. It is 31% of his income. Bank of America had a mobile notary come to the house so he could sign the paperwork. Its only for a year, but it was thru this site and everyone else knowledge that help me thru this long process. The payments dont start untill Dec 1, 2009. Which is great, it give me time to catch up the second mtg.

THANKS AGAIN TO EVERYONE! I hope that I could help someone with my story, because everyone story help me.

THANKS AMA125, for your help and encouragement!

I'm glad you were able to get something, just wish it was a long term fix. Did you ask about HAMP? Why only 1 year? If it works for you great, but I would want to know why they couldn't/wouldn't do anything more. Many people have gotten a crappy mod offer and turned it down only to get something better. Heck, some people have even gotten mod offers after accepting one and not having even pursued another one so who knows! Congrats and you're welcome! My day will come!

[ama125]

Originally Posted by MyHAMP

Hmm, what's a "permanent trial payment?

I think she meant permanent modified payment.

[MyHAMP]

Originally Posted by ama125

I think she meant permanent modified payment.

Yes, probably...although I highly doubt the 31% of NET is accurate..

Wouldn't leave much for the mortgage...

[NeedH2010]

Hello,
Thank you everyone here for their value information.
I'm new here. To make my story short. We applied for the loan Modification program back in May 09. Just last week that I was able to get a hold of someone at the bank and she said that I'll be receiving a fedEx package with the information about the 3 month trail with in 45 days. I was so excited and happy that my mind went blank. Can someone tell me if I need to do anything at this point like submit in bank statements such as saving and checking account? Are they going to ask me to submit in later?

Anyone in here get their package sooner than they expected? I'm so anxious to see this package. Am I getting closer to be successful of my loan modification process?

Thank you.

[nativelasvegan]

Hello NeedH2010. Welcome.
You might get a better response if you post your own "thread". To do so, click here.
http://www.loansafe.org/forum/newthr...newthread&f=29

Have you already submitted paperwork, bank statements, etc.? If yes, I would not send anything in until you are asked to.
Are you working with a "negotiator", someone in particular that you contact who is assigned to work on your file?

There is a lot of good information here. The "search" tool was quite helpful for me when I started. Once again, welcome. Glad you are here.

[NeedH2010]

nativelasvegan

Thank you so much for your response. I guess the person I talked to was a negotiator because I have her name and ext number. She is in the Imminent default department. I called a different number and they transferred me there because they said that I'm still current on my mortgage payment. I think this is their new department. They never ask me to submit in the bank statement before. Only Income, pay stub and hardship letter.

[imlars]

Originally Posted by nativelasvegan

From what I have been reading here and other research, the average trial payment amount is 31% of the borrowers GROSS income, which is higher than the permanent trial payment.
The permanent trial payment seems to be 31% of the borrowers NET income.

I am a case processor, I see these things all day long, both the trial period and the permanent modification use the 31% of the household GROSS income as the payment factor. I have never seen the payment amount change between the trial period and the permanent modification.
The permanent mod outlines the changes to your interest rate. 2% for the first 5 years and a 1% increase per year to a cap amount where it fixes for the life of the loan.

[davephx]

NeedH2010 - Sounds like a normal HAMP trial plan.

I is a bit harder when you are only in imminent default and not at least two months behind.

Did they tell you a trial amount to start paying? Did they ask you about 20 minutes of questions? This is what serviers usually do and you have to start making the trial payments.

Don't send them more than they ask for now, you will have to resend it all again when you get the Trial Modification Letter.

You will have to send in tons of stuff, hardship letter, bank statements, pay stubs, 2008 Tax return, Form 31xx for back tax returns, Insurance binder, utility bill in your name etc.

"In theory" after 3 months (which for most folks extends to six) an underwriter will look at it. Most servicers contact you via a negotiator at some point.

Than they will redo the NPV Test and look hard at your documents to find any way possible (sarcasm) to not modify you.

[lami in calif]

To NeedH2010:

We have been waiting for 30 days and still no FedEx - they said 30 to 45 days, so maybe now I can begin checking my porch. Don't expect it any sooner.

[nativelasvegan]

Hmm, what's a "permanent trial payment?

I meant permanent payment. The word "trial" should not have been included.
I have stretched myself too thin. As I am sure most folk here have too.
Working full time.
Taking online classes several hours a day.
CEO of the household. wah, wah, wah (that's me having a pity party).

Sorry, I made a mistake. It isn't the first, nor will it be the last.

[advocate]

Originally Posted by imlars

I am a case processor, I see these things all day long, both the trial period and the permanent modification use the 31% of the household GROSS income as the payment factor. I have never seen the payment amount change between the trial period and the permanent modification.
The permanent mod outlines the changes to your interest rate. 2% for the first 5 years and a 1% increase per year to a cap amount where it fixes for the life of the loan.

If I may inquire, is it your belief that the extended periods of trial modifications are willful on the part of the compliance team? Or are they simply inundated, and are doing their best to get people into permanent situations?

With telephone news of my HAMP approval today, I am cautiously optimistic of clear sailing. I asked the negotiator to address the issue of problematic trial mods, and she replied that a fair number of folks were not making the payments, or they were not cooperative with the underwriting department, who apparently are required to scrutinize your financial well being prior to approval of a permanent mod.

It's been a long haul and a strange story. Time to wrap it up.

[Mel-in-CA]

Hello everyone... I know this thread is over a year old and I've read every single replies and post. I'm glad LHarveyMadMan started this post and I really would like to thank him and many others for their informative post and success.

I am in a similar situation where we bought our house in 2005, interest only, put down 10% but ended up doing two loans. Tried my best to refinance and since our house went under water, we couldn't refi. My rates adjusted last year and we tried our best to keep up with payments. Most if not all of our savings have dwindled down and our bills had gone up. All of my efforts to call several 800 numbers from BofA led nowhere. Basically they couldn't help me because I haven't been late... yet. The message I got is if you're not late, you wait in line.

So, I tried emailing the 4 or 5 execs on the earlier post. I'm not sure which one but one of them forwarded my email to customer contact division and talked to someone within 48 hours. She was very helpful and seemed sincere. She recommended scanning all the files she requested with my form into PDF files and email it. Well, I did that today. She said most likely near the end of the week someone (a negotiator?) will call me. Let see what happens.

[HeruHere]

Approved - no docs yet...keeping fingers crossed. Attended NACA STD in Atlanta, August. Paperwork submitted by NACA August 11th. 3 months behind in payments. According to NACA's proposal, this is a HAMP trial.

Loan Modification
Hide Details

Workout Status Detail:	Your Loan Modification has been approved, and all collections activities have been suspended as a result of this approval. Next steps will include a call from a workout negotiator who will explain the terms and options of your approved workout including all conditions required for the final completion of the workout, such as upfront funds. You will also receive a package of documents in the mail. These documents are time sensitive and must be signed, notarized and returned to us in 10 days, including any required upfront funds. If you have not received your workout package and/or a phone call from your negotiator by 01/04/2010, please contact us. Please do not call back before 01/04/2010 as that may delay the process. Please respond promptly to any calls or requests that you may receive from Home Retention Department during this time period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
Information as of:	11/03/2009
Workout stage:	Approved

[ed6676]

Hey Guys/Girls, I'm new to this site and want to run my scenario by you helpful folks. I have a Home Equity line with Bank Of America that was past due approximately 10 months. Bank Of America then set me up on a 6 month temporary modification (which i paid on time) and last week BOA proposed the following permanent modification for me . My original balance on my HELOC was $149 k, and they agreed to give me 10 years 0% interest, and agreed to lower my principal balance from $149k to $70k which equals a reduction of $79k ... Basically I'm asking this, Is this a "good" deal based on other people's experience with modifying their 2nd mortgage with Bank Of America? I don't want to push my luck with the negotiator. Thank You if you can assist, and i wish the best for everyone... Sincerely, Edward

[imlars]

Originally Posted by advocate

If I may inquire, is it your belief that the extended periods of trial modifications are willful on the part of the compliance team? Or are they simply inundated, and are doing their best to get people into permanent situations?

With telephone news of my HAMP approval today, I am cautiously optimistic of clear sailing. I asked the negotiator to address the issue of problematic trial mods, and she replied that a fair number of folks were not making the payments, or they were not cooperative with the underwriting department, who apparently are required to scrutinize your financial well being prior to approval of a permanent mod.

It's been a long haul and a strange story. Time to wrap it up.

Most of the ones I have seen have looked like the lenders are just slammed and can't handle the volume. In some cases though it has had to do with the amount of the delinquency involved and/or an escrow shortage. Lenders can only capitalize approx. $25,000 so some of that overage has to be cured prior to the permanent modification.
Once you get on the trial period its pretty smooth sailing as long as you continue to make that payment in full and on time every month. If you don't get the permanent mod package just keep making that payment. Your permanent mod payment is going to be the same as or very close to what your trial period payment is so just keep making that payment!

[priscilla]

Below is the proposal received from BOA to NACA. This is beyond my wildest imagination. It has been a tough ride since July 2008. Guys, do not give up.

NACA PROPOSED DECISION: FOLLOWING TERMS: NEW PB:$357,374.09 NEW INTEREST RATE:2.0000% NEW TERM:331 NEW MATURITY DATE7/1/2037 NEW P & I:$1,405.61 NEW ESCROW321.12 NEW PITI:$1,726.73 1ST PYMT 01/01/10 CONTR $116.75....Per BofA

[sick and tired]

I finally have sucess. I did not get HAMP BUT I got a MOD. I was 18 months behind and this site saved my home. I did what they said and have sucess. I was with a 3rd party that when I contacted them after 7 months of faxing said fax one more time. One month with all of you and I got a MOD!!!!!

[ama125]

priscilla and sick and tired: congrats to you both! You give the rest of us hope. I still don't know why for some, the journey has been so long and for others it seems so much easier. The longer it takes, the harder it becomes and sometimes you just want to give up and throw in the towel. It is through success stories like yours that those of us waiting for months on end can muster up the hope and determination to keep on trying. I hope you will stick around to encourage others to keep at it. Don't let them win without putting up a good fight!

[priscilla]

Ama, it shall be well. I started mine July 2008. I was denied twice but I kept going at it. So keep pushing the way you are doing. Your good news will come soon. All the savings is worth the wait. Are you from Ghana? lol. I ask because of the name. My mother's name is Ama. Beautiful name and beautiful people. God Bless.